Connect with us

Trade

Thai First quarter exports rise to record high despite 14% car drop

Thai exports have continued to show strong signs with the sector growing 5.69 percent between January and April, the highest rate of growth in 6 years.

Boris Sullivan

Published

on

Thai exports have continued to show strong signs with the sector growing 5.69 percent between January and April, the highest rate of growth in 6 years.

Director of the Trade Policy and Strategy Office (TPSO) Pimchanok Wonkorporn reported Thai exports valued 16.864 billion USD in April, 8.49 percent greater than the same period last year.

Total value over the first 4 months was 73.321 billion USD, 5.69 percent up on-year and the highest rate of increase in 6 years.

The strong figures were mostly due to a global economic recovery and Thailand’s policy of diversifying risk. By spreading out trade, the nation was both able to benefit from growth in China and ASEAN and to avoid downturns in other markets.

Imports in April were worth 16.808 billion USD, 13.4 percent up year-on-year. Trade balance in the month saw Thailand 56 million USD in surplus.

For the year, analysts see exports on an uptrend with clear indicators of recovery as fuel and farm goods prices rise. It is believed a growth rate of 5 percent will be met with the only major causes for concern political uncertainty and trade obstructions put up by the US.

Thai Car export in April drops 14.37 percent

Car export for the month of April dropped 14.37 percent to 68,900 units from last April’s 80,400 units, representing the lowest export in 48 months, said Mr Surapong Paisitpattanapong, spokesman of the automotive industry of the Federation of Thai Industries.

(source : ThaiPBS News)

He noted that the export decline was in line with a drop in car production, with production in April having dropped 12.85 percent to 120,000 units – the lowest production drop in 64 months.

Except for markets in Asia and Australia, car export to the rest of the world dropped in April in line with global economic slowdown.

Domestic car sale for the month of April increased 15.1 percent to 63,200 units compared to 54,900 units recorded for the same period last year, thanks to increased purchasing power from improved farm prices, introduction of new car models and motor exhibitions.

Mr Surapong, however, said the FDI still maintained the total car sale projection of two million units, including 1.2 million units for export and the rest for domestic consumption.

The FDI is optimistic car export for the remainder will pick up due to global economic recovery, especially in the United States.

Comments

China

RCEP and China: Reimagining the future of trade in Asia

The Regional Comprehensive Economic Partnership (RCEP) could eventually usher in an era of much deeper regional integration: for corporates doing business in the region, their future success may well hinge on how adeptly they manage to navigate the evolution of Asia’s trade landscape under the RCEP.

Avatar

Published

on

Last month, 15 countries in the Asia-Pacific region – including the 10 member states of the Association of Southeast Asian Nations (ASEAN) as well as China, Australia, Japan, New Zealand, and South Korea – signed the landmark Regional Comprehensive Economic Partnership (RCEP) on the final day of the 37th ASEAN Summit.

(more…)
Continue Reading

Trade

Will RCEP help drive South-east Asia’s Covid-19 recovery?

The Regional Comprehensive Economic Partnership (RCEP) was finally signed on Sunday November 15, on the sidelines of the annual summit of the Association of South-East Asian Nations (ASEAN).

Oxford Business Group

Published

on

Marking a significant regional milestone, it is hoped that the RCEP will help its 15 signatories recover from the economic fallout of the coronavirus pandemic.

(more…)
Continue Reading

China

Thailand ready to ink big Chinese-backed trade deal

The RCEP will cover all 10 Asean member states plus five partners: China, Australia, Japan, New Zealand, and South Korea and will take effect from the middle of 2021 if at least six Asean members and three partners agree to its terms.

Olivier Languepin

Published

on

Thailand is set to sign the world’s biggest free trade agreement with Japan, China, South Korea and 12 other Asia-Pacific countries at the 37th Asean Summit this week.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,605 other subscribers

Trending